Wednesday’s big stock stories: What’s likely to move the market in the next trading session – CNBC
Stocks extended their rally on Tuesday, with the Dow and the S&P 500 hitting new records. Here’s what CNBC is watching going into Wednesday.
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Wednesday’s big stock stories: What’s likely to move the market in the next trading session
A trader works on the trading floor at The New York Stock Exchange (NYSE) following the Federal Reserve rate announcement, in New York City, U.S., September 18, 2024.
Andrew Kelly | Reuters
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Here’s what CNBC TV’s producers were watching as the Dow and S&P 500 posted fresh records Tuesday, and what’s on the radar for the next session.
The staples
- CNBC TV’s Dominic Chu reports on consumer staples in Wednesday’s edition of “Sectornomics.”
- Consumer staples are right in the middle, ranked in sixth place among the 11 S&P sectors. In 2024, it’s up about 16%.
- Walmart is the top performing stock in the sector, up 53% this year.
- Kellanova ranks second, up 44% in 2024.
- Costco is third, up 36.6% year to date.
- At the bottom: Walgreens, Dollar Tree and Lamb Weston. Each of those names have been hit pretty hard this year. Lamb Weston is down 40% in 2024, while Dollar Tree is off about 50%. Walgreens is down 67% year to date.
China
- We’ll be watching for a follow-through after a big day for the Chinese ETFs. Beijing issued a series of stimulus measures aimed at propping up the economy, and stocks tied to the country jumped.
- The KraneShares China Internet ETF (KWEB) jumped 10.3% Tuesday. It is 8% from the May 52-week high. In the past week, it is up 16%.
- The iShares MSCI China ETF (MCHI) was up about 9% Tuesday. It is 1% from the May 17 high. It is up around 14% in a week.
- The iShares China Large-Cap ETF (FXI) was up 9.8% Tuesday, and it hit a 52-week high. It is up 15% in a week.
Copper
- It is up 12.5% in the last six weeks.
- Copper’s movements sometimes follow China as that country is generally seen as a big buyer of the commodity.
- Newmont is now at a 27-month high after jumping 2.5% Tuesday. It is up 31% in three months.
Micron earnings are due after the bell
- CNBC TV’s Seema Mody is covering the company Wednesday.
- Micron Technology is down 32% in the past three months.
- The stock is 40% from the June 18 high.
- However, shares are up 36.5% in the last year.
Source: CNBC